Slovakia flag Slovakia: Economic and Political Overview

Foreign trade figures of Slovakia

Foreign Trade in Figures

Slovakia remains strongly dependent on external markets, with foreign trade reaching 170.6% of its GDP in 2020 (World Bank, latest data available). Slovakia's strong industrial tradition, tax incentives, inexpensive and skilled workforce, rapidly developing infrastructure (boosted by an influx of EU funds) and fragile but real growth, make the country a preferred base for trade. The country also benefits from an advantageous geographical location at the crossroads of Central Europe. Since 2009, the economic growth of Slovakia has been driven by its exports. The country represents a platform of re-exportation for the European automotive industry (28% of the country’s total exports in 2020). Other goods exported include motor vehicles parts (5.7%), television receivers (5.0%) and line telephony (4.9%). On the other hand, imports are led by parts and accessories of motor vehicles (13.3%), line telephony (5.7%), motor cars (2.6%) and medicaments (2.2%).

The country's main customers in 2020 were Germany (22.6%), the Czech Republic (10.4%), Poland (7.8%) and France (7.2%). The main suppliers were Germany (18.7%), the Czech Republic (10.1%), China (6.7%), Poland (5.8%) and Vietnam (5.0%).

Slovakia has an overall positive trade balance, though it has been decreasing over the last years and amounted to only 0.9% of GDP in 2020 (World Bank). The total value of merchandise exports - at USD 86.1 billion - decreased by 3.8% year-on-year in 2019, with imports decreasing at a similar pace (-3.9%, at USD 84.4 billion). Concerning commercial services, Slovakia’s exports stood at USD 10 billion, against USD 8.9 billion of imports (-17.9% and -18.6%, respectively - data by WTO). In 2021 Slovakia’s industry-heavy export sector has been hit by severe supply-chain disruptions. As global semiconductor shortages are assumed to persist throughout 2022 the automotive industry production will be affected, resulting in markedly lower export levels. Due to a large share of imported intermediate inputs, weaker exports should also go along with lower import growth, before trade volumes catch up to their previously predicted paths from 2023 onwards.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 75,47183,30492,90290,00184,464
Exports of Goods (million USD) 77,63484,46993,42589,50986,104
Imports of Services (million USD) 7,9509,37410,96410,9238,889
Exports of Services (million USD) 8,32310,34412,03112,28210,083

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 184.5188.2190.9184.4170.6
Trade Balance (million USD) 1,408654-252-1,086758
Trade Balance (Including Service) (million USD) 1,8371,6578472871,969
Imports of Goods and Services (Annual % Change) 4.83.95.02.1-8.3
Exports of Goods and Services (Annual % Change) 5.03.65.20.8-7.5
Imports of Goods and Services (in % of GDP) 90.893.094.592.084.9
Exports of Goods and Services (in % of GDP) 93.795.296.492.485.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 13.85.84.65.14.8
Volume of imports of goods and services (Annual % change) 13.66.14.94.74.4

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Slovakia is a member of the European Union. It is also a member of the European Economic Area (EEA) which has guaranteed, since 1 January 1993, the free movement of most goods between the European countries.
Multilateral and bilateral agreements with many countries.
 

Main Partner Countries

Main Customers
(% of Exports)
2020
Germany 22.6%
Czech Republic 10.4%
Poland 7.8%
France 7.2%
Hungary 6.3%
See More Countries 45.7%
Main Suppliers
(% of Imports)
2020
Germany 18.7%
Czech Republic 10.1%
China 6.7%
Poland 5.8%
Vietnam 5.0%
See More Countries 53.6%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

86.7 bn USD of products exported in 2020
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 28.0%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.7%
Television receivers, whether or not incorporating...Television receivers, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus; video monitors and video projectors 5.0%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 4.9%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 1.8%
See More Products 54.6%
85.0 bn USD of products imported in 2020
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 13.3%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 5.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.2%
Insulated incl. enamelled or anodised wire, cable...Insulated incl. enamelled or anodised wire, cable incl. coaxial cable and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made-up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 2.2%
See More Products 74.0%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

11.2 bn USD of services exported in 2018
29.55%
28.47%
21.52%
12.24%
4.22%
1.14%
1.01%
0.57%
0.50%
0.43%
0.36%
10.5 bn USD of services imported in 2018
28.80%
24.96%
22.81%
8.48%
7.16%
2.60%
1.73%
1.35%
1.17%
0.76%
0.18%

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: July 2022

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